Author Archives: Russ

It’s Not Wise to be a Bozo

Posted on June 29, 2008 by Russ

Two more Bozo tax preparers won’t be harming consumers any more. Let’s just say up front that the methods used weren’t wise. First, we’ll head to Union City, Georgia. Majalai Wisdom prepared plenty of tax returns from 2000-2004.Me And her … Continue reading →

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Hurry Up and Wait

Posted on June 29, 2008 by Russ

Last week the House of Representatives passed an AMT patch for 2008. That patch contained offsets (tax increases) which doom it in the Senate. Further, President Bush promises a veto if it somehow manages to make it out of Congress. … Continue reading →

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We Get Questions on Gambling and Taxes

Posted on June 24, 2008 by Russ

Question 1. “Good afternoon Russ, “I am a regular [poker] player online and I was wondering the policy in the state of California? Is there a certain amount and above that needs to be reported on your taxes? Since the … Continue reading →

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Mileage Rates Increase

Posted on June 23, 2008 by Russ

The IRS announced today that mileage rates will increase on July 1st. The new business mileage rate is $0.585/mile (up from $0.505/mile); the new medical and moving mileage rate is $0.27/mile (up from $0.19/mile). The charitable mileage rate is unchanged—it … Continue reading →

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Praise the Lord and Go to Jail

Posted on June 22, 2008 by Russ

Suckers are born every day, and so are the people out to fleece them. I’ve reported in the past on Aegis Corporation, a now defunct Chicago-based vendor of offshore trusts. The former owner of Aegis is spending 30 months at … Continue reading →

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Completing the Circle

Posted on June 22, 2008 by Russ

Last year I reported on Circle Industries, the Alpharetta, Georgia based international construction company. The father and son owners conspired with their bookkeeper to deduct personal expenses on their business return, including things like visits to Atlanta’s Gold Club, an … Continue reading →

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Federal Tax Fraud: The Users Guide, Part 2

Posted on June 19, 2008 by Russ

As a published author I know that finding the right title for a book can be a difficult task. My writing partner and I struggled with the title for our first book while for our second book we chose the … Continue reading →

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Ask Your Attorney and Accountant and Then Act

Posted on June 18, 2008 by Russ

Joe Kristan has an excellent post this morning on why your first should talk to your business attorney and accountant and then act on a change to your business entity. If you act first you may very well end up … Continue reading →

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Prison Counselor Will See the Other Side of the Fence

Posted on June 15, 2008 by Russ

If you’re in prison and need some extra money, what should you do? How about defrauding the IRS—after all, you’re in prison, and all the government can do is keep you there. Of course, such a scheme needs help from … Continue reading →

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Iowa Flooding

Posted on June 15, 2008 by Russ

The floods in Iowa have hit the tax blogging community. Joe Kristan, the blogger at Roth Tax Updates, and all of downtown Des Moines were evacuated Friday afternoon because of the floods. The American Red Cross is one good place … Continue reading →

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